Just as one California homebuyers tax credit program ends, another begins. Assembly Bill 183 established a tax credit of $10,000 or 5 percent of the purchase price of a newly built home and a $10,000 tax credit for first-time purchasers of existing homes.
The $200 million allocated for the program is split evenly, with $100 million going to purchasers of new homes and $100 million to first-time buyers of existing homes. The credit is good through Dec. 31, or until funding is exhausted, whichever comes first.
Full details are available here: http://www.ftb.ca.gov/individuals/new_home_credit.shtml